Old-time banker studies Caltex Notes

Key Points Caltex’s future may not look like its past As a result, we’re not comfortable lending to it Margin of 4.5-4.75% inadequate compensation for risks Traditional bankers, like the one your grandparents went to church with, didn’t first think of interest rate and fees when considering a new loan application. Back then, it was about the credit risk of the borrower and the safety of their collateral. Only after concluding the borrower was sound and had sufficient collateral did thoughts turn to risk compensation. Instead of acting like gold stock speculators, it’s time the typical Australian income security...

Traditional bankers, like the one your grandparents went to church with, didn’t first think of interest rate and fees when considering a new loan application.

Back then, it was about the credit risk of the borrower and the safety of their collateral. Only after concluding the borrower was sound and had sufficient collateral did thoughts turn to risk compensation.

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